Florida seniors are projected to outlive their retirement savings by an average of $148,000, making the state the 15th-highest shortfall nationwide, according to a new study by Seniorly. The report found that the typical Florida retiree has about $734,000 in retirement income but will need roughly $882,000 to cover expenses throughout retirement. With life expectancy averaging 18.7 years after age 65, many Floridians may find themselves running out of money before they run out of years.
While the statewide numbers are concerning, costs vary significantly by city. Miami ranks among the most expensive places for seniors, with average rent for a one-bedroom apartment around $3,265 a month and upscale units nearing $4,836. Healthcare visits often range between $120 and $250, and specialized memory-care facilities cost between $5,000 and $6,500 per month. Social Security benefits also cover a lower share of expenses in Miami compared to most U.S. cities, adding to the strain on retirees. Orlando and Tampa are somewhat more affordable, but still costlier than the national average, with Orlando’s expenses exceeding typical U.S. levels by more than 20 percent.
These variations matter because Florida’s appeal as a retirement destination is built largely on its lack of state income tax and warm climate. Yet rising costs, particularly in South Florida, are putting pressure on retirees’ ability to age in place. Condo owners, for example, have faced massive new maintenance assessments due to updated structural-safety laws, with some retirees receiving bills as high as $400,000. About 30 percent of Florida homeowners aged 65 and older now spend more than 30 percent of their income on housing, placing the state near the bottom nationally for affordable aging. Access to affordable home health aides is also limited, and weather-related risks add another layer of financial uncertainty.
Experts recommend that Florida seniors take steps to bridge the gap between income and expenses. Comparing Medicare plans each year can help reduce healthcare costs, while downsizing or relocating to more affordable areas such as Jacksonville, Pensacola, Ocala, or Lakeland can stretch savings further. Delaying Social Security benefits, taking on part-time or flexible work, and consulting financial advisors familiar with Florida’s economic landscape are also strategies that can make a difference.
Despite these challenges, Florida remains one of the most popular retirement destinations in the country. The lack of a state income tax and year-round sunshine continue to attract older adults. Still, as the study makes clear, where a retiree chooses to live within the state can have a dramatic impact on whether their nest egg lasts as long as they do.
